Wealthy Europeans pile into London property

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CASH-rich Europeans are rushing to invest in prime property in one of London’s most expensive postcodes, in a bid to protect their money amid growing fear over the stability of the euro, according to property firm Sandfords.

The firm says cash-rich individuals from Europe currently account for 60 per cent of property purchases in London’s W1 postcode.

Ireland and Portugal’s mounting debt problems and the potential impact on the value of the euro have led to a surge of interest from buyers keen to move some of their wealth into London prime property, Sandfords added.

Around a quarter are looking to make London their primary residence, while the rest are purchasing as a means of diversifying their wealth and seeking protection from the turbulence in the Eurozone.

Properties between £1.5m and £4m are selling in seven days on average.